Business value of Big Data

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To store and analyze data is not the issue – but what to do then with this data and how to leverage it is the challenge, say IT executives.

Business Intelligence vendors  and industry analysts announce the various financial benefits that companies can leverage from mixing up traditional structured data with unstructured data from the cloud, mobile devices, social media channels and other sources. However there are still not many business managers that have the idea how to take advantage of Big Data and how to explain and deliver their plans to the IT department.

There is a funny IT saying – “Business executives very often do not know what they do not know” and that is why they cannot explain what to do with all the gathered data and how to turn it into the value.

The previous ten years the BI ventures and private enterprises have invested millions of dollars into setting up new technologies for gathering, storing and analyzing  huge amounts of structured and unstructured data. Improving the tools and making the solutions more intelligent, the companies expected to have more ROI of the Business Intelligence projects.

But anyway, Business Intelligence itself is just the tool that can give you the valuable information but what to do with this information and how leverage it is your question. Definitely, the most important and difficult part of data mining and BI project is to make business staff sit down together and define what to do with the gathered information and what are the queries and tasks for the IT departments. So, the business leaders who already have dealt with Business Intelligence project advice all companies to have a good plan first, the questions for the data miners and after all these issues it will be the time to build a BI project. BI gives you answers but the questions is your issue.